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CMCA EXAM 2024 ACTUAL EXAM COMPLETE 280 QUESTIONS AND DETAILED ANSWERS RATED A | BRAND NEW!!!
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CMCA EXAM 2024 ACTUAL EXAM COMPLETE 280 QUESTIONS AND DETAILED ANSWERS RATED A | BRAND NEW!!!
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CMCA EXAM 2024 ACTUAL EXAMCOMPLETE 280 QUESTIONS AND DETAILED
ANSWERS RATED A | BRAND NEW!!!
A legal proceeding filed in court whereby a party with a claim
against an owner can claim ownership of the unit involved in
order to recover the money it is owed; the unit is usually
auctioned by the court and sold to the highest bidder
foreclosure
the collection of all assessments due through the end of the
fiscal year (e.g., if an owner's payments on the annual
assessment are due monthly and become delinquent at the end
of March, all monthly payments through December of that year
are due immediately)
acceleration
combines operating and reserve activities in the same column,
as opposed to fund reporting, which consists of preparing
separate columns for operating, reserve and any special fund
commercial reporting method
,the owner's financial obligation to the community association
during a given period of time—usually one year—that covers
the owner's share of the common expense (also known as
"common expense liabilities" in some states)
assessment
this clause states that if a court finds that any clause of the
contract is illegal or unenforceable, that clause shall be
separated from the rest of the contract, so that the whole
contract need not be invalidated
Severability provision
a document which gives up the right to make a claim against
the community association for payments not received
waiver of lien
,called straight bankruptcy or liquidation, it involves the prompt
conversion of all the individual's or corporation's non-exempt
property to cash, and payment of creditors to the extent
possible
Chapter 7 bankruptcy
this clause states that permission by one party of any breach of
contract (failure to fulfill a provision) by the other party shall
not act as a general waiver of future breaches
waiver of provision
consists of recording uncollectible money as an expense that
the association must absorb; this usually requires a resolution
of the board
bad debt write-off
, called a reorganization because it is designed to allow for an
orderly payment to creditors that enable a corporation to
continue
Chapter 11 bankruptcy
used to reorganize personal or non-corporate debt; a plan is
submitted to a judge for paying off all or nearly all of the debt
over a specified period of time
Chapter 13 bankruptcy
a document from the CPA that states that the information the
community association provides is true to the best of its
knowledge
representation letter
a summary of the flow of funds into and out of the community
association; summaries are prepared for normal operations,
investment activities, and any borrowing activities
statement of cash flows
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